Bullish shares are down roughly 6% in the latest session as investors refocus on supply/dilution risk: recent SEC “proposed sale” paperwork (Form 144) has kept attention on potential selling by holders now that lock-up restrictions have rolled off. With the stock still prone to sharp swings since its 2025 NYSE listing, even the prospect of incremental selling pressure can push the tape lower in thin-to-moderate liquidity.

Bullish’s initial lock-up expiration (February 9, 2026) marked the point when insiders and major shareholders could begin selling shares, a dynamic that often drives short-term volatility for newly public companies. That post-lock-up backdrop matters now because traders tend to treat any sell-related filings or chatter as a signal that more shares may come to market, which can pressure prices even before sales actually occur.

Bullish trades as a high-beta proxy for crypto market activity, so stock-specific supply fears can compound with broader swings in sentiment across digital-asset-exposed equities. Recent analyst estimate changes and price-target updates have also highlighted ongoing debate about valuation and the durability of revenue tied to trading activity, making the stock more sensitive to incremental negative catalysts.